Ready Capital (NYSE:RC) Sets New 52-Week Low - Time to Sell?

Ready Capital Co. (NYSE:RC - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $6.65 and last traded at $6.74, with a volume of 294131 shares. The stock had previously closed at $6.62.

Analysts Set New Price Targets

RC has been the subject of a number of research analyst reports. UBS Group decreased their target price on Ready Capital from $8.50 to $7.50 and set a "neutral" rating for the company in a research report on Friday, November 15th. JMP Securities cut their target price on Ready Capital from $10.50 to $9.50 and set a "market outperform" rating on the stock in a report on Thursday, December 12th. Finally, Piper Sandler decreased their price target on shares of Ready Capital from $9.50 to $8.00 and set a "neutral" rating for the company in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Ready Capital currently has an average rating of "Hold" and an average target price of $9.11.

Ready Capital Trading Down 0.7 %

The stock's 50 day simple moving average is $7.19 and its two-hundred day simple moving average is $7.89. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The stock has a market capitalization of $1.15 billion, a PE ratio of -9.74 and a beta of 1.43.

Ready Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 14.66%. Ready Capital's dividend payout ratio is presently -142.86%.

Institutional Investors Weigh In On Ready Capital

Large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its position in shares of Ready Capital by 2.2% during the 2nd quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust's stock valued at $521,000 after buying an additional 1,375 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Ready Capital by 4.0% during the third quarter. Louisiana State Employees Retirement System now owns 81,300 shares of the real estate investment trust's stock valued at $620,000 after purchasing an additional 3,100 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Ready Capital by 2.4% during the third quarter. Thrivent Financial for Lutherans now owns 132,098 shares of the real estate investment trust's stock worth $1,008,000 after purchasing an additional 3,123 shares during the last quarter. KBC Group NV increased its position in shares of Ready Capital by 64.1% during the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust's stock valued at $63,000 after purchasing an additional 3,248 shares during the last quarter. Finally, Naviter Wealth LLC raised its holdings in shares of Ready Capital by 35.0% during the 2nd quarter. Naviter Wealth LLC now owns 13,500 shares of the real estate investment trust's stock valued at $114,000 after buying an additional 3,500 shares in the last quarter. Institutional investors own 55.87% of the company's stock.

About Ready Capital

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.